ES Journal - 2023/2024

[Spooz Top 2]

Thought I'd ask, ya never know.
I've run across some fine business that you've posted in here.
As far a answering "How would you describe what triggers a buy or sell to enter a trade?"
Sometimes people drop specifics sans the trimmings.
Me for example. I would say that a Hammer at support or resistance is worth doing some stats on as a trigger to buy or sell to enter.
Do you have any similar types of concise one sentence responses to entry triggers?

Fibs
Fib confluence
Fib extensions
Times of day
TL’s … 2 ways
S/R levels
15/30 min
PA
PAMM & Brooks
Along with a few proprietary…
Are my bread n butter…. The more of these you can string together on a single trade
Are confirming indicators & will dictate size, size of stop & conviction…..

 

[easymon1]

 

[Laissez Faire]

Actually if you see it as breakout out of a TRIANGLE, then your perspective might change.

Chart reading in a nutshell. One man's range is another man's triangle is another man's double top is another you name it...

Regardless of what that geometric figure is - the market did breakout on Friday. That breakout could still turn out to be a failure.

If we open around Friday's Close or higher in RTH my best guess is we'll see some continuation higher, but I'm not so sure it will get legs above 4030.

 

[Laissez Faire]

Hey LF…. My daily quota has been for quite some time the same .. $10K … on average I win between 16 & 18 trading days out of a 20 trading day month… that’s been my mantra for the last 12 yrs…. I actually wind up, more often than not, with the same yield on the morning session set up @ 7500 or 12,300… rarely seems to change….

That's very impressive numbers. Not knowing your account size of course, but impressive regardless.

I know I asked open ended question for discussion purposes… glad u responded …
Mondays mornings are my worst performing sessions… so I turn Monday morning into observation mode only…. Best performing days/ sessions are Tuesday, Weds, Thursday & Friday morning…. If I’m any where near quota, let alone over it like Friday… I’m done for the week! I have a firm belief from day trading perspective is to always go out on high note As that positive energy/ clarity always carries over to next session ….
As Yogi says, this game is 90% physical… the other Half is phsychological….. So those are the parameters I’ve set for myself … simple & clean with No tolerance for bullshit or excuses!
It has served me well for quite some time… If it’s not broken… don’t fix it!

Interesting. And I agree on the psychological aspect. I think it's important to be in a happy place when trading and to protect yourself mentally.

What you say on trading days reminds me of Mark Cook. If I recall correctly he did an analysis on performance by weekday showing Monday was his weakest day and Friday was usually a losing day. His reasoning was that after a weekend off he needed some time to get back in the groove. And by Friday he was starting to get tired. So, I think his solution was to trade half size on Mondays and take Fridays completely off.

 

[easymon1]

I pride myself on pinpoint accurate entries…

Given no mention on your part of using simple entry triggers like hammers, which are worth consideration via stats for this purpose once price reaches a potential trade area, what are a couple of other ways that you might recommend traders consider for achieving pinpoint accurate entries once price reaches a potential trade area?

 

[schizo]

Chart reading in a nutshell. One man's range is another man's triangle is another man's double top is another you name it...

If we open around Friday's Close or higher in RTH my best guess is we'll see some continuation higher, but I'm not so sure it will get legs above 4030.

Well, that's what makes the market and, unfortunately, robs one man's fortune and fattens another man's pocket.

I have to see where the low will be for Monday, but I have a good feeling we will gap up and continue higher much of the day. The upside target should be around 4045-ish, so not much different from yours.

 

[zzz123]

might form a tight trading range, so-called tension buildup, according to textbook

 

[Laissez Faire]

Well, that's what makes the market and, unfortunately, robs one man's fortune and fattens another man's pocket.

I have to see where the low will be for Monday, but I have a good feeling we will gap up and continue higher much of the day. The upside target should be around 4045-ish, so not much different from yours.

That's the main scenario.

I like to map out various scenarios such that I'm always prepared and do my best to not get locked down on either one as soon as I get new information indicating I was wrong initially.

What would surprise me is if we break out of this channel and get a new major leg higher, but that's also one scenario to prepare for. It can most certainly happen. It just seems unlikely from my POV. But who the hell knows.

 

[schizo]

That's the main scenario.

I like to map out various scenarios such that I'm always prepared and do my best to not get locked down on either one as soon as I get new information indicating I was wrong initially.

What would surprise me is if we break out of this channel and get a new major leg higher, but that's also one scenario to prepare for. It can most certainly happen. It just seems unlikely from my POV. But who the hell knows.

Stay flexible and don't get married to any one direction, my friend

 

[easymon1]

PAMM

Agree for targets and S/R. If only they drew themselves, lol.
Nobody can complain if you don't of course but if you ever do divulge your methods for pinpoint entries vv potential trade areas, that'll be fun.

How long did you trade before you turned profitable on a monthly basis?
Did you start out as a rules based trader or go directly to artistic?